The conflict between Russia and Ukraine wage on and is consistently making such a catastrophic occurrence across the world. Now people in Ukraine are already starting to pass such hard times of their lives due to the invasion of Russian ‘peacekeeping’ soldiers in other countries. It is reported that many regions of Ukraine are facing bombardment also along with the other category of armed pressure.
War means economic disaster, so the result of the war between two of the hostile parties is not only restricted in that area of the world. It has generated such waves of changes as occurring due to this unforeseen event. There are one of the most notable impacts has been occurred in the Cryptocurrency sphere as the market is losing out more than $150 Billion in market value in just the last 24 hours according to the research of Coinmarketcap data.
CNBC currently reported that there are some of the big named players in the market of Crypto that also have been depreciated in market value tightly for the conflicts between Russia and Ukraine. The research conducted by Coindesk Data, Bitcoin, and Ethereum also has been received huge blows within the past 24 hours.
Russia-Ukraine Crisis: Effect on Cryptocurrency
Bitcoin fell by 8% reach to the new lowest level of the month and trading at $34,702.8. Ethereum has been reduced to the value of $2,325.18 and falls for 12% after the occurring the altercation.
The Vice President of corporate development and international Crypto exchange Luno, Vijay Ayyar stated, ” Risk assets continue to be weighed down by the Russia-Ukraine conflict and tensions. This includes Bitcoin and Cryptocurrencies which are currently still very much viewed as a high–risk asset class.” He also has been mentioned that if Bitcoin manages to stay above the $28,000 mark and then it will come at a new high in the coming months in its lowest market value ad it will be traded at $20,000.
It seems that Cryptocurrencies are the only market that is suffering the consequences of this terrible invasion and the global stock market also has been incurred such a massive blow contain the Indian Stock Market. It is reported that Indian traders also have lost out on more than INR 16 Lakh Crore in market value after the rising of war situations.
A big thanks for the source.